Florida Welcomes Eight New Home Insurance Companies
Big changes are coming to Florida’s home insurance market! Eight new companies have been approved to offer homeowners insurance policies in the state starting in late 2024. This is welcome news for anyone feeling the pinch of rising premiums and a challenging insurance market.
Florida is working hard to create more competition by introducing legislative reforms that encourage insurers to expand their footprint in the state. These efforts aim to stabilize the property insurance market, leaving many homeowners struggling with high costs and limited options.
Here are the new companies joining the market:
- Ovation Home Insurance Exchange
- Manatee Insurance Exchange
- Condo Owners Reciprocal Exchange
- Orange Insurance Exchange
- Orion180 Select Insurance Company
- Orion180 Insurance Company
- Mainsail Insurance Company
- Tailrow Insurance Companies
Adding new companies in Florida builds on progress made earlier in the year, with six other insurers entering the market. Once all these companies are operational, their policies will be available through your trusted local independent insurance agents.
What This Means for Homeowners in 2025
For Florida homeowners, this is a step in the right direction. More competition could eventually mean better prices and options for coverage. But it’s essential to remember that these benefits might take some time to materialize fully. Until these companies operate across the state, many people—especially those in South Florida—might not see an immediate difference.
In the meantime, home insurance premiums are still rising, with an average increase of 7% expected this year. That’s why staying on top of your policy is more important than ever, comparing your options and making informed decisions.
Our Perspective
We get it—dealing with rising costs and limited options can be exhausting. Even though new insurers are entering the market, navigating Florida’s insurance landscape can still feel like a headache. That’s where an independent agency can help. At Augustyniak Insurance, we work with over 32 insurance companies, giving you more choices to find the best coverage and rates. Including some of the new insurers,
Our job is to make things easier for you. We’ll help you determine your options, find the right coverage for your needs, and work to keep your costs under control. Whether you’re looking for a new policy or need advice, we’re here to help.
Florida’s insurance market won’t stabilize overnight, but you don’t have to face it alone. We’re here to guide you every step of the way and help you protect what matters most.
